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Employee Benefit Plans (Tables)
 12 Months Ended
Sep. 24, 2016
Defined Benefit Pension Plans And Defined Benefit Postretirement Plans Disclosure [Abstract]  
Schedule of defined benefit plans disclosure

The following tables provide a reconciliation of the changes in the benefit obligations and the fair value of the plan assets for fiscal 2016 and 2015 and a statement of the funded status for both years.  Under the Partnership’s cash balance defined benefit pension plan, the accumulated benefit obligation and the projected benefit obligation are the same.

 

 

 

Pension Benefits

 

 

Retiree Health and Life Benefits

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Reconciliation of benefit obligations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit obligation at beginning of year

 

$

146,907

 

 

$

149,836

 

 

$

15,294

 

 

$

16,954

 

Interest cost

 

 

5,041

 

 

 

5,128

 

 

 

520

 

 

 

575

 

Actuarial loss (gain)

 

 

11,547

 

 

 

5,239

 

 

 

(1,198

)

 

 

(1,281

)

Lump sum benefits paid

 

 

(5,816

)

 

 

(5,777

)

 

 

—

 

 

 

—

 

Ordinary benefits paid

 

 

(7,316

)

 

 

(7,519

)

 

 

(838

)

 

 

(954

)

Benefit obligation at end of year

 

$

150,363

 

 

 

146,907

 

 

$

13,778

 

 

$

15,294

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Reconciliation of fair value of plan assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair value of plan assets at beginning of year

 

$

104,303

 

 

$

117,771

 

 

$

—

 

 

$

—

 

Actual return on plan assets

 

 

9,191

 

 

 

(172

)

 

 

—

 

 

 

—

 

Employer contributions

 

 

715

 

 

 

—

 

 

 

838

 

 

 

954

 

Lump sum benefits paid

 

 

(5,816

)

 

 

(5,777

)

 

 

—

 

 

 

—

 

Ordinary benefits paid

 

 

(7,316

)

 

 

(7,519

)

 

 

(838

)

 

 

(954

)

Fair value of plan assets at end of year

 

$

101,077

 

 

$

104,303

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Funded status at end of year

 

$

(49,286

)

 

$

(42,604

)

 

$

(13,778

)

 

$

(15,294

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in consolidated balance sheets

   consist of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net amount recognized at end of year

 

$

(49,286

)

 

$

(42,604

)

 

$

(13,778

)

 

$

(15,294

)

Less: current portion

 

 

—

 

 

 

—

 

 

 

922

 

 

 

1,025

 

Noncurrent benefit liability

 

$

(49,286

)

 

$

(42,604

)

 

$

(12,856

)

 

$

(14,269

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts not yet recognized in net periodic benefit cost

   and included in accumulated other comprehensive

   income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial net (loss) gain

 

$

(51,391

)

 

$

(52,836

)

 

$

5,764

 

 

$

4,865

 

Prior service credits

 

 

—

 

 

 

—

 

 

 

—

 

 

 

399

 

Net amount recognized in accumulated other

   comprehensive (loss) income

 

$

(51,391

)

 

$

(52,836

)

 

$

5,764

 

 

$

5,264

 

 
Percentage allocation of plan assets

The following table presents the actual allocation of assets held in trust as of:

 

 

 

September 24,

 

 

September 26,

 

 

 

2016

 

 

2015

 

Fixed income securities

 

 

85%

 

 

 

86%

 

Equity securities

 

 

15%

 

 

 

14%

 

 

 

 

100%

 

 

 

100%

 

 
Schedule of measurement of partnership's pension plan assets by category

The following table describes the measurement of the Partnership’s pension plan assets by asset category as of:

 

 

 

September 24,

 

 

September 26,

 

 

 

2016

 

 

2015

 

Short term investments (1)

 

$

1,456

 

 

$

99

 

 

 

 

 

 

 

 

 

 

Equity securities: (1) (2)

 

 

 

 

 

 

 

 

Domestic

 

 

5,397

 

 

 

5,264

 

International

 

 

9,501

 

 

 

8,923

 

 

 

 

 

 

 

 

 

 

Fixed income securities (1) (3)

 

 

84,723

 

 

 

90,017

 

 

 

$

101,077

 

 

$

104,303

 

 

(1)

Includes funds which are not publicly traded and are valued at the net asset value of the units provided by the fund issuer.

(2)

Includes funds which invest primarily in a diversified portfolio of publicly traded U.S. and Non-U.S. common stock.

(3)

Includes funds which invest primarily in publicly traded and non-publicly traded, investment grade corporate bonds, U.S. government bonds and asset-backed securities.
Schedule of expected benefit payments

The Partnership expects to contribute approximately $10,704 to the defined benefit pension plan during fiscal 2017.  Estimated future benefit payments for both pension and retiree health and life benefits are as follows:

 

 

 

Pension

 

 

Retiree Health and

 

Fiscal Year

 

Benefits

 

 

Life Benefits

 

2017

 

$

31,607

 

 

$

922

 

2018

 

 

11,817

 

 

 

865

 

2019

 

 

10,776

 

 

 

806

 

2020

 

 

10,326

 

 

 

735

 

2021

 

 

10,073

 

 

 

672

 

2022 through 2026

 

 

42,360

 

 

 

2,470

 

 
Schedule of net benefit costs

The following table provides the components of net periodic benefit costs included in operating expenses for fiscal 2016, 2015 and 2014:

 

 

 

Pension Benefits

 

 

Retiree Health and Life Benefits

 

 

 

2016

 

 

2015

 

 

2014

 

 

2016

 

 

2015

 

 

2014

 

Interest cost

 

$

5,041

 

 

$

5,128

 

 

$

5,774

 

 

$

520

 

 

$

575

 

 

$

645

 

Expected return on plan assets

 

 

(3,418

)

 

 

(4,913

)

 

 

(5,102

)

 

 

—

 

 

 

—

 

 

 

—

 

Amortization of prior service credit

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(399

)

 

 

(490

)

 

 

(490

)

Settlement charge

 

 

2,000

 

 

 

2,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

Recognized net actuarial loss (gain)

 

 

5,218

 

 

 

4,522

 

 

 

4,492

 

 

 

(299

)

 

 

(196

)

 

 

(181

)

Net periodic benefit costs

 

$

8,841

 

 

$

6,737

 

 

$

5,164

 

 

$

(178

)

 

$

(111

)

 

$

(26

)

 
Schedule of assumptions used

The assumptions used in the measurement of the Partnership’s benefit obligations as of September 24, 2016 and September 26, 2015 are shown in the following table:

 

 

 

Pension Benefits

 

 

Retiree Health and Life Benefits

 

 

 

2016

 

 

2015

 

 

2016

 

 

2015

 

Weighted-average discount rate

 

 

3.125

%

 

 

3.875

%

 

 

2.875

%

 

 

3.500

%

Average rate of compensation increase

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

Health care cost trend

 

n/a

 

 

n/a

 

 

 

6.840

%

 

 

7.100

%

The assumptions used in the measurement of net periodic pension benefit and postretirement benefit costs for fiscal 2016, 2015 and 2014 are shown in the following table:

 

 

 

Pension Benefits

 

 

Retiree Health and Life Benefits

 

 

 

2016

 

 

2015

 

 

2014

 

 

2016

 

 

2015

 

 

2014

 

Weighted-average discount rate

 

 

3.875

%

 

 

3.875

%

 

 

4.375

%

 

 

3.500

%

 

 

3.500

%

 

 

3.750

%

Average rate of compensation increase

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

 

n/a

 

Weighted-average expected long-term

   rate of return on plan assets

 

 

3.900

%

 

 

4.900

%

 

 

4.900

%

 

n/a

 

 

n/a

 

 

n/a

 

Health care cost trend

 

n/a

 

 

n/a

 

 

n/a

 

 

 

7.100

%

 

 

7.120

%

 

 

7.330

%

 
Total contributions made to multiemployer pension plans

While no multi-employer pension plan that the Partnership contributed to is individually significant to the Partnership, the table below discloses the MEPPs to which the Partnership contributes.  The financial health of a MEPP is indicated by the zone status, as defined by the PPA, which represents the funded status of the plan as certified by the plan's actuary.  Plans in the red zone are less than 65% funded, the yellow zone are between 65% and 80% funded, and green zone are at least 80% funded.  Total contributions made by the Partnership to multi-employer pension plans for the fiscal year ended September 24, 2016 are shown below.

 

 

 

 

 

PPA Zone Status

 

 

 

Contributions

 

 

Contributions greater than

5% of

 

Expiration

Pension Fund

 

EIN/Pension Plan Number

 

2016

 

2015

 

FIP/RP Status

 

2016

 

 

2015

 

 

2014

 

 

Total Plan Contributions

 

date of

CBA

Local 282 Pension Trust (a)

 

11-6245313

 

Green

 

Green

 

n/a

 

$

281

 

 

$

269

 

 

$

336

 

 

No

 

August 2019

Teamsters Industrial Employees

   Pension Fund (b)

 

22-6099363

 

Green

 

Green

 

n/a

 

 

207

 

 

 

200

 

 

 

185

 

 

Yes

 

June 2017

Other (c)

 

 

 

 

 

 

 

 

 

 

260

 

 

 

604

 

 

 

647

 

 

No

 

n/a

 

 

 

 

 

 

 

 

 

 

$

748

 

 

$

1,073

 

 

$

1,168

 

 

 

 

 

 

(a)

Based on most recent available valuation information for plan year ended February 2016.

(b)

Based on most recent available valuation information for plan year ended December 2015.

(c)

Includes the MEPPs from which the Partnership withdrew.